New Copper-Gold Sauva Discovery At Chapada Mine

TORONTO - Lundin Mining Corporation reported the discovery of a new copper-gold mineralized system called Sauva, located approximately 15 kilometers north of the Chapada mine, in the State of Goias, Brazil. As part of Lundin Mining's ongoing exploration program aimed at increasing the Mineral Resource estimation at Chapada, diamond drilling was initiated at Sauva in the third quarter of 2021 within a recently acquired exploration concession. Initial drilling was designed to test for the source of a strong soil copper anomaly (>1,000 ppm Cu) that was located along strike from the previously identified Formiga prospect. The first two drill holes at Sauva confirmed the presence of shallow high-grade copper-gold mineralization. Further drilling was undertaken to evaluate the potential and to date a total of forty-seven (47) holes have been completed defining a mineralized area measuring approximately 750 meters by 650 meters, with assay results available for 29 holes.

President and CEO, Peter Rockandel, said, "The shallow and high-grade copper-gold mineralization discovered at Sauva is a clear example of the growth optionality that stems from Lundin Mining's successful track record of aggressive near-mine and brownfields exploration at all of our operations. Implications that this new high-grade mineralized system may have for our on-going expansion studies of Chapada will be evaluated as this discovery evolves during the year."